It has been a fantastic day on the local markets with almost all sectors in positive territory. In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is higher by a massive 1.3% to 5,547 points.
Although there are a good number of shares climbing higher today, four in particular have stood out. Here's why they've skyrocketed:
Ardent Leisure Group (ASX: AAD) shares are almost 5% higher at $2.27 despite there being no news out of the company today. I'm a big fan of Ardent Leisure and believe its Main Event centres in the United States will provide it with explosive growth over the next decade. Even after today's increase I think the company is great value.
Catapult Group International Ltd (ASX: CAT) shares have rebounded from recent declines with a 7% jump to $2.83. The sports analytics company's shares had fallen as much as 23% since providing FY 2017 revenue guidance last week. But it looks as though some investors felt this sell off was overdone and have swooped in today. At the current price, Catapult looks like a great buy and hold investment, though perhaps not for the faint hearted.
Fortescue Metals Group Limited (ASX: FMG) shares have jumped 2% to $6.70. The miner was given a lift from a jump in the iron ore price to a two-year high overnight. As well as this a company update released today reveals the miner to be the lowest cost seaborne supplier of iron ore into China. With prices at two-year highs and costs at extreme lows, Fortescue will no doubt enjoy a bumper profit result this year.
Galaxy Resources Limited (ASX: GXY) shares have rallied for a second day running. Today the lithium miner's shares have rocketed 7.5% to 50.5 cents. The gains come on the back of an update released yesterday related to its Mt Cattlin project in Western Australia. According to the release 24-hour production at Mt Cattlin has now commenced. This should deliver greater operational efficiencies and expand capacity, positioning it well to meet rising Chinese demand.
